News: Resonate Blends Provides an Update on its Acquisition Partner Pegasus Specialty Vehicles
CALABASAS, Calif., July 18, 2023 (GLOBE NEWSWIRE) -- Resonate Blends, Inc. (OTCQB: KOAN) ("Resonate") is pleased to
report an update on its acquisition partner Pegasus Specialty Vehicles, LLC ("Pegasus" or the "Company"). On June 23,
2023, Resonate announced the signing of an Agreement and Plan of Merger (the "Merger Agreement") with Pegasus and made a
$435,000 investment into the Ohio-based company. This investment, prior to the expected closing of this transaction, has
provided Pegasus with fresh capital to move forward on its ambitious revenue roadmap.
Pegasus is an innovative leader in the low-emission and zero-emission electric vehicle ("EV") and emerging hydrogen
fuel cell technology for school buses and specialty vehicles. Pegasus announced today they have shipped their first five
(5) buses with ten (10) more in various stages of completion. The Company currently has more than 100 chassis in their
production lot waiting for various components and the additional funding from Resonate to both close the Merger
Agreement and complete the production of the 100+ buses.
Included in their chassis inventory are the first four Peterbilt chassis with a demo school bus model nearly
completed. This represents Peterbilt's first foray into the school bus market and is being met with significant market
interest.
Pegasus is attending the STN Expo in Reno, Nevada this week showcasing their demo school bus and meeting with their
vast dealer network connections and various strategic partners.
Completion of the announced Merger Agreement is subject to the satisfaction of closing conditions that are to be
finalized as part of the Agreement. Accordingly, there can be no assurance that a closing will be consummated.
About Pegasus Specialty Vehicles, LLC
Pegasus Specialty Vehicles, LLC is a trailblazer in the technological evolution occurring within the School Bus
industry. Our management team has developed a clear strategy - and the infrastructure to support this transition, to
zero-emission solutions such as Electric and Hydrogen. The modular approach that we implement, alongside key established
partnerships with Peterbilt, Via Motors and Hyperion, enables us to meet current and future customer needs as the
industry adopts the new technologies, and provides tangible solutions to drive sustainable revenues and profits while
reducing market risk.
About Resonate Blends, Inc. (OTCQB:KOAN)
Resonate Blends is a Calabasas, CA-based portfolio of Cannabis Wellness and Lifestyle brands. The company created the
Resonate System--a comprehensive system of interconnected experience targets to personalize consumers' relationship with
Cannabis through its products. Koan Cordials, the world's first Cannabis Cordial and Resonate's flagship product line,
was awarded the prestigious Gold Leaf Award for "Best New Brand" and a Clio Cannabis award for packaging and design. To
learn more, please visit www.resonateblends.com
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